Union Labs, a pioneering project dedicated to facilitating seamless communication between blockchains, has successfully raised $12 million in its Series A funding round, led by prominent investors Gumi Cryptos Capital and Longhash Ventures. The newly acquired funds will be allocated towards augmenting Union's core team, driving partner integrations forward, and fostering ecosystem growth. This funding round follows the company's previous seed financing of $4 million.
Notable participants in the recent round include Borderless Capital, as well as angel investors from the Polygon, Celestia, Movement, and Berachain communities, as announced by Union Labs on Tuesday. At the heart of Union's offerings is a modular, zero-knowledge (ZK) interoperability layer, meticulously designed to streamline the transfer of assets between the Ethereum and Cosmos ecosystems.
The mainnet is slated for launch in early 2025. In a significant development, Union Labs revealed plans in April to integrate with Polygon's AggLayer, marking a substantial deepening of ties between Polygon, a renowned Ethereum scaling solution, and Cosmos' Inter-Blockchain Communication Protocol (IBC). Furthermore, Union Labs has expressed interest in expanding its presence within the Bitcoin ecosystem, aiming to address the scripting limitations of the chain to enable secure transfers of assets across Bitcoin Layer 2 solutions and the broader multichain ecosystem, thereby enhancing decentralized finance (DeFi) capabilities on Bitcoin. Karel Kubat, the founder of Union Labs, emphasized that the funding raise is a testament to the team's unwavering commitment to reducing fragmentation in Web3 by providing secure, sovereign, and seamless interoperability solutions.
For more information, read about Union Labs' plans for a Polygon-to-Cosmos bridge through its new AggLayer integration.